Climate Conscious
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Climate Conscious

3 Challenges and Opportunities Presented by the EU Energy Crisis

Leaders should focus on finding long-term solutions

Source: www.pexels.com

The origin of the latest energy crisis

Key Facts

A. Significant dependency on Russia for energy supplies

Source: Eurostat
Source: Eurostat
Source: Eurostat

B. Dependency on Russia and Ukraine for grains supplies

C. Adherence to the EU Green Deal

Source: European Commission

1. Do not renew gas supply contracts with Russia

2. Replace Russian gas with supplies from other sources

3. Store more gas

1. Accelerate deployment of sustainable energy sources such as wind and solar

2. Accelerate energy efficiency programs for buildings and industrial facilities.

3. Keep existing nuclear energy capacity

To sum it up

“It is time we tackle our vulnerabilities and rapidly become more independent in our energy choices. Let’s dash into renewable energy at lightning speed. Renewables are a cheap, clean, and potentially endless source of energy and instead of funding the fossil fuel industry elsewhere, they create jobs here. Putin’s war in Ukraine demonstrates the urgency of accelerating our clean energy transition.”

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Spyros Ierides, CFA

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